This was a very split report:
The headline number is 3.3%, so that’s good.
But excluding transport the number was down 0.8%, so that’s not so hot. Expectations were for growth of 0.2%.
aeroplane sales were a major drive of the headline number.
Stocks are basically unchanged since before the report.
One interesting thing is that August was revised up across the board:
Revised seasonally adjusted August figures for all manufacturing industries were: new orders, $410.3 billion (revised from $408.9 billion); shipments, $415.8 billion (revised from $415.1 billion); unfilled orders, $805.3 billion (revised from $804.0 billion); and total inventories, $526.9 billion (revised from $526.4 billion).
Background: Analysts are looking for September durable goods orders to grow by 1.8%. However, ex-auto the number is expected to be just 0.2%.
Last month, ex-auto durable goods grew by 2%, which was well ahead of expectations.
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